These procedures and policies are intended to safeguard the handling of cash and checks and apply to all Concordia faculty, staff and student organizations.
Business Office Cashier Hours
The Cashier is located in Lorentzsen Hall #240 and the hours are 9:00 a.m. – 12:00 noon and 1:00–4:00 p.m., Monday through Friday. Please note that change orders need to be submitted to the Cashier prior to 3:00 p.m.
College policy requires that all checks and cash be deposited at the Business Office Cashier within five business days of receipt.
When preparing a deposit, use the deposit slip provided on the Business Office website and include the budget number (FOAP), department name, contact person, description and cash/check totals with a listing of checks (or a calculator tape is acceptable). A custom deposit slip from departments is acceptable as long as all the above information is included. Please note that any checks for gifts and grants (non-scholarship) should be sent to the Advancement Office (not deposited at the Cashier).
After the deposit has been recorded, the Business Office will return the deposit form along with a receipt to the depositor.
The department or organization is responsible for the safekeeping of all checks and cash received until deposited in the Business Office. Funds should be kept in a locked, secure location with limited access or left with Public Safety for safekeeping. Cash and checks should be transported in locked cash bags and departments should keep logs of individuals transporting cash and checks to and from their offices. If there are questions or concerns about maintaining the security of deposits, please contact the Business Office for assistance.
Deposit funds PROMPTLY at the Business Office Cashier—DO NOT HOLD CHECKS. This is not a good business practice and increases the likelihood of security risks and checks being returned for insufficient funds. College policy requires that funds be deposited within five business days of receipt.
When a large amount of cash/checks will be collected, the cash collection point must maintain a clear separation of duties. An individual should not have responsibility for more than one of the cash handling components: collecting, depositing and reconciling.
Departments or organizations with regular need of cash handling should have written instructions that outline cash handling procedures, including segregation of duties and reconciliation. These written procedures should be on file with the Business Office.
Cash boxes are available to departments and student groups in amounts up to $150. Questions about cash boxes may be directed to the Cashier in the Business Office.
The department/group requesting a box must give the cashier a one day notice of the amount and currency denominations needed in the cash box. You may call (218-299-3337) or email the cashier in the Business Office (email@example.com).
The person picking up the cash box is required to sign for the box.
The department or organization is responsible for the safekeeping of the cash box. If there are questions or concerns about maintaining the security of the box, contact Public Safety for assistance.
When returning the cash box, the beginning cash balance should be separated from the cash/checks to be deposited from the event. The person who signed for the cash box is responsible for returning the box to the Business Office.
Checks will be cashed at the Business Office when the following criteria are met:
- The person presenting the check has a current Concordia College ID card.
- The check is drawn on a bank in the United States.
- The person presenting the check is the payee on the check.
- The amount of the checks being cashed on any one day does not exceed $150 per person.
The College reserves the right to refuse to cash any check that it suspects may be fraudulent or any check that is stale dated (more than six months from the date of issue).
If a check is returned to the College by the bank because of insufficient funds, then the individual who cashed the check will be held responsible for reimbursing the College for the amount of the check and any NSF (nonsufficient funds) fees.
Petty Cash Policy
Departments are NOT allowed to have petty cash funds—except in special circumstances when it is considered absolutely necessary and this must be approved by the Business Office (please contact the Bookkeeper).